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Wall St. rebounds, led by industrials, tech


Added 07-31-18 03:03:02pm EST - “U.S. stocks bounced back on Tuesday as industrial and technology stocks pulled the market higher on news of a possible easing of tariff tensions between the United States and China.” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Wall St. rebounds, led by industrials, tech”. Below is an excerpt from the article.

NEW YORK (Reuters) - U.S. stocks bounced back on Tuesday as industrial and technology stocks pulled the market higher on news of a possible easing of tariff tensions between the United States and China.

The markets were buoyed by a Bloomberg report bloom.bg/2mZgU3V that U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He are discussing ways to avert a trade war between the world's two largest economies.

The trade-sensitive industrial sector .SPLRCI led the S&P 500 and the Dow Jones Industrial Average higher, rising 2.0 percent a day after a broad sell-off in technology and FAANG momentum stocks pulled markets lower.

“It’s just a reversal of the last couple of days,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. “With the FAANG stocks getting crushed and growth doing very poorly relative to value over the last three days or so we’re seeing the reversion back to the trends that have been in place.”

Apple Inc (AAPL.O) shares were up 0.6 percent. The smartphone maker’s results were due after the bell, the last to report among the FAANG group, which also include Facebook Inc (FB.O), Amazon.com (AMZN.O), Netflix Inc (NFLX.O) and Google parent Alphabet Inc (GOOGL.O).

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